African Development Bank (ADB) aims to provide $ 1.5 billion in financing for Egypt by 2020, Malin Bloomberg the bank’s regional director, reported that after extending the bank’s strategy with Egypt for a new year.
Bloomberg explained that the new loans will be pumped in the transport, industry and infrastructure sectors, which the Bank supporting in Africa. In addition, it’s seeking to finance the development of new rail control systems.
She confirmed that Africa has opportunities for investment and economic development due to increasing population growth and economic resources. Also, the bank provided $ 50 million to finance 8 universities for offering training programs.
Later, the pan-African bank discussed with the Egyptian government a loan worth USD 500 mln that will go towards electricity spending to help continue reforms and support the transformation of the electricity sector.
On other hand, AfDB is also working on financing a rural sanitation project in Upper Egypt, as well as funding programs that provide technological training to university students.
Noteworthy, Samuel Kamara the AfDB’s Country Program Officer, lauded the Egyptian government’s strong performance and commitment, which have been maintained in the execution of the joint under-construction projects.
Meanwhile, African Development Bank ”AfDB”, in collaboration with the African Export Import Bank ”Afreximbank” held Africa Investment Forum 2019, in Cairo on Monday 5 Aug; which is seeking to encourage investment opportunities within various fields, especially in light of the continent’s technological transformation.